The K-Y Paradox: Problems in Creating a Centralised Sovereign Backed Cryptocurrency on a Decentralised Platform

Kartik Hegadekatti

MPRA Paper from University Library of Munich, Germany

Abstract: Cryptocurrency networks and Blockchains are decentralized systems, functioning on distributed consensus. Fiat currencies on the other hand are issued, maintained and supervised by a sovereign central authority. RSBCs are Regulated And Sovereign Backed Cryptocurrencies (based on the K-Y Protocol) i.e. they are essentially decentralized cryptocurrencies floated by a central (sovereign) authority; it presents a paradox; known as the K-Y paradox. This paper explores the various dimensions of the K-Y paradox and its resolution.

Keywords: K-Y Protocol; blockchain; cryptocurrency; bitcoin (search for similar items in EconPapers)
JEL-codes: C88 D02 E42 E51 E52 (search for similar items in EconPapers)
Date: 2017-03-29
New Economics Papers: this item is included in nep-mac, nep-mon and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:82863

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